Binance Expands Compliance Team by 34%, Reinforces Focus on Regulatory Standards

Binance announced plans to expand its compliance team to 645 full-time employees by the end of 2024, marking a 34% increase from November 2023. Including contractors, Binance’s compliance-focused workforce already exceeds 1,000, highlighting the company’s intensified commitment to regulatory adherence.The expansion comes amid Binance’s ongoing transformation following its $4.3 billion settlement with U.S. regulators last year for Bank Secrecy Act (BSA) violations. As part of the settlement, Binance’s founder and former CEO Changpeng “CZ” Zhao stepped down, and Richard Teng, a seasoned regulator, assumed leadership. Teng has since prioritized turning Binance into a global model for regulatory compliance, according to a CoinDesk report.Leadership and Strategic Compliance HiresKey hires include:Todd McElduff: Enterprise Compliance Director, formerly of PayPal and Morgan Stanley, now leading Binance’s collaboration with global law enforcement.Céline Inial and Caner Akyürek: Special Investigations Specialists for France and Turkey, respectively, bringing nearly two decades of law enforcement experience each.Binance Chief Compliance Officer Noah Perlman emphasized the industry’s evolution:“Our sector is maturing rapidly, and compliance has become central to user protection, business success, and sustainable growth. Binance’s expanded compliance efforts reflect our commitment to setting industry standards.”Compliance Investments and AchievementsSince 2023, Binance has increased compliance spending by 36%, hiring experts from traditional finance and government agencies. The exchange’s compliance leadership includes former IRS financial crime specialist Tigran Gambaryan, who joined Binance in 2021.Binance now serves a global user base exceeding 240 million, and its enhanced compliance measures aim to protect users while supporting the broader adoption of cryptocurrencies.Outlook:As regulatory scrutiny intensifies globally, Binance’s strategic focus on compliance positions it as a leader in the cryptocurrency industry, signaling a paradigm shift toward maturity and sustainable growth.